Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 23): The FBM KLCI remained lacklustre this morning as losses at Tenaga Nasional Bhd and Petronas-linked counters kept the benchmark index hovering below the 1,600-point level.

At 9.05am, the FBM KLCI shed 1.27 points to 1,596.14.

The early decliners included Petronas Dagangan Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Theta Edge Bhd, Hengyuan Refining Company Bhd, Maxis Bhd, Latitude Tree Holdings Bhd, Tenaga and Petronas Chemicals Group Bhd.

Asian shares started higher on Monday on hopes of an interim Sino-U.S. tariff deal after the two countries described their talks as "productive" and "constructive", while oil gained more than 1% as Middle East tensions remained elevated, according to Reuters.

Japan's Nikkei opened on a firm note, rising 0.2% while Australian shares added 0.5%. New Zealand's benchmark index was 0.1% higher. South Korea's Kospi was a touch weaker after disappointing trade data, it said.

CGS-CIMB Retail Research said the local bourse ended last week below 1,600 as the overall sentiment remained tepid on the lack of strong buying impetus.

It said the KLCI formed a few small candlesticks last week, indicating market indecision.

“The index is still stuck in a range between 1,580 and 1,620.

“Nevertheless, we notice that a gradual upward momentum seems to be setting in as both MACD and RSI indicators are on the rise.

“Coupled with rate cuts by most of the world’s major central banks recently, the odds may favour the bulls. Resistance: 1,620 & 1,640. Support: 1,580 & 1,572,” it said.

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